A government-ordered investigation into the Department of Finance found it needs to "remake itself" urgently to help the country recover.

Independent experts charged with reviewing the department in the lead-up to the crash said the Finance Minister also needs to more accountable.

In their report, they called for an overhaul of the Department of Finance, better budgetary planning and for official analysis to be opened up to public scrutiny.

"The department needs to be more effective and needs to remake itself," they said.

"This requires a series of changes of structure, professional capacity and internal working methods, together with a more outward-looking attitude. These issues need to be addressed urgently."

Outgoing Finance Minister Brian Lenihan said the findings were a fair and thoughtful assessment of his department's performance over the past decade.

"While a number of recommendations are matters for the new Government and require further consideration, a significant number relate to organisation, skills set and work practices - many of which are being implemented without delay," he said.

"The implementation of these proposals will assist the department in taking on the complex challenges arising in the coming years."

The so-called Independent Review Panel was headed up by Canada's former deputy finance minister Rob Wright and included Dutch government official Hans Borstlap along with John Malone, former secretary general of the department of agriculture.